This should sweeten the blow a bit.
CNBC has reported that, according to its sources, BNY Mellon CEO Robert Kelly 'was fired for an abrasive management style....(and that) BNY's board of directors felt that his management technique was hurting morale, and feared that staff may leave the company as a result'.
The Wall Street Journal says that the bank's independent directors are thought to have met on Tuesday to discuss Kelly's position, and unanimously agreed that he should go. Apparently, he didn't see it coming. The newspaper's sources say that Kelly's 'departure wasn't linked to any one incident and stemmed from an accululation of events'. The decision also 'wasn't driven by any improprieties'.
And The New York Times reports that, based on company regulatory filings, Kelly could end up with a termination package as high as $36.6m if it is deemed that he was fired without cause. If he is simply paid out under the company executive severance plan, Kelly's payout appears to be limited to around $19.7m.
Kelly had been CEO since 2007, and had seen the company stock fall some 32% this year. He earned $1.4m in 2010, a 38% increase on the year before.
The firm recently announced that it was cutting up to 1,500 jobs, or around 3% of its 48,900 global workforce.